ID
2021-004

Type
Policy
Sector
Credit Unions and Caisses Populaires
Status
Public comment closed
Date
Comment Due Date

Thank you for your feedback. This consultation is now closed. The consultation feedback received will help to inform our final approach. Subscribe to our mailing list to receive updates on FSRA news.

Summary

The Financial Services Regulatory Authority of Ontario (FSRA) is making the supervision of Ontario’s credit unions more transparent and effective.

FSRA is holding a 90-day consultation on its Proposed Sound Business and Financial practices of Credit Unions and Caisses Populaires Rule

Overview

The Sound Business and Financial Practices of Credit Unions and Caissess Populaires Rule introduces a principles-based approach to business and financial practices by setting outcomes for:

  • Member governance
  • Board of Directors governance
  • Senior management
  • Operational management
  • Internal audit, compliance, and finance functions
  • Enterprise risk management
  • Subsidiary governance

The Proposed Rule will be made under the new Credit Unions and Caisses Populaires Act, 2020, once proclaimed into force. It will replace Deposit Insurance Corporation of Ontario (DICO) By-Law No. 5. 

Participate

FSRA is holding a 90-day consultation. FSRA invites comments from June 14, 2021 to September 14, 2021. FSRA is hosting a technical briefing on June 24, 2021 for interested parties. Please register at FSRA's Live Webinar on Ontario's Proposed New Credit Union Rules

Review the Proposed Rule and provide your comments by selecting “Submit a comment or ask a question.”

Useful links:

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Before we begin, please make sure you do not include any personal or private financial information. If your inquiry does require this information be shared with us, please call us at 1-800-668-0128 or email us at contactcentre@fsrao.ca for instructions.

By submitting your content, you agree to have your materials posted on our engagement portal, used in reports and other materials prepared by Financial Services Regulatory Authority of Ontario (FSRA) that may be shared with the public. Content is moderated so that all posts are respectful and professional. The Freedom of Information and Protection of Privacy Act, R.S.O. 1990, c.F.31, applies to all online content.

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Sector Comment Date posted Sort ascending
Credit Unions and Caisses Populaires
[2021-004] Jon Dessau - Kingston Community Credit Union (KCCU)

October 5, 2021
Credit Unions and Caisses Populaires
[2021-004] Lloyd Smith - FirstOntario Credit Union

October 5, 2021
Credit Unions and Caisses Populaires
[2021-004] DUCA Financial Services Credit Union

October 5, 2021
Credit Unions and Caisses Populaires
[2021-004] Nick Best - Canadian Credit Union Association (CCUA)

October 5, 2021
Credit Unions and Caisses Populaires
[2021-004] Rob Paterson - Alterna Savings

October 5, 2021
Credit Unions and Caisses Populaires
[2021-004] Bernard Brun - Mouvement Desjardins
Bonjour,
Vous trouverez ci-joint les commentaires du Mouvement Desjardins pour cette consultation.
Pour toute question, n’hésitez pas à communiquer avec le soussigné.
October 5, 2021
Credit Unions and Caisses Populaires
[2021-004] Tarmo Lobu - Parama Credit Union
See attached our response to Proposed Sound Business and Financial Practices Rule.
September 14, 2021
Credit Unions and Caisses Populaires
[2021-004] Brigitte Catellier - Meridian Credit Union
Please find attached Meridian Credit Union's comment letter.
September 14, 2021
Credit Unions and Caisses Populaires
[2021-004] Stephen Bolton - Libro Credit Union
Thank you for the opportunity to participate in this critical rule consultation. Our full response is attached.
September 14, 2021
[2021-004] Alex Ciappara - Canadian Bankers Association (CBA)
Hello,

Please consider this letter as the CBA's submission to the FSRAO's consultations on the Proposed Rules - Sound Business and Financial Practices, Capital Adequacy and Liquidity Adequacy for Credit Unions and Caisses Populaires.

If you have any questions or comments, please do not hesitate to contact me at 647-923-9859 or aciappara@cba.ca.

Thank you,

Alex Ciappara
August 31, 2021
No questions have been asked about this consultation yet.